Covivio divests three office buildings in France for €131m

Covivio divests three office buildings in France for €131m
21 Marquette in Toulouse

France-based real estate investment company Covivio has sold three office buildings in France, Campus Ducasse in Meudon, Quai 8.2 in Bordeaux and 21 Marquette in Toulouse, for a total of €131 million.

These latest disposals, closed at an average margin of 3% above their end-2021 appraisal values, include 3 buildings with over 27,000 m² of office space, all fully let: “Campus Ducasse”, a 5,100 m² building in Meudon (Greater Paris), the “FactorE” building, part of the “Quai 8.2” project in Bordeaux, which totals 11,000 m² and the 11,500 m² “21 Marquette” building in Toulouse.

These deals illustrate the breadth of Covivio’s know-how: a turnkey campus project on a brownfield industrial site, an urban renewal project, and the redevelopment of historical assets from the group’s portfolio. With the sale of these now-mature assets, Covivio has realised the
value created by past work on development and asset management.

“The deals were done at a 3% margin above 2021 appraisal values and show the high quality of Covivio’s portfolio as well as the appeal of its buildings. They prove that recently built, highperformance assets which are in good locations and well let are seen as attractive opportunities by institutional investors.” says Marielle Seegmuller, Covivio Operations Director.

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